REO sales play diminished role in NE Tenn. markets; institutional investor activity down


Reo trend

REO sales as noted in the RealtyTrac year-end report.

Foreclosure sales played a diminished role in the Northeast Tennessee market last year. The foreclosure and delinquent mortgage rates have returned to pre-recession levels and the inventory is not as attractive.

REO sales and short sales saw their biggest local increases during 2015 in the Bristol VA and Washington Co. VA markets. Unicoi and Johnson counties also saw double-digit increase.

In the Northeast Tennessee markets included in RealtyTrac’s Year-end Distressed Properties  Sales Report.

The only markets showing a year-to-year decrease in REO sales were Greene, Sullivan and Washington counties.

short sale trend

Short sales as noted in the RealtyTrac year-end report.

In the large-county markets, short sales were flat with the 2014 level in Sullivan County but showing a 9.8% increase in Washington County. At the same time, institutional investors were not as active in those markets as they were last year.

According to RealtyTrac’s date here’s year-end median REO sales price and discounts for the local markets covered in the report:

  • Carter – $54,405 –  27%
  • Greene – $37,500 – 46%
  • Hawkins – $46,000 – 16%
  • Johnson – $34,250 – 64%
  • Sullivan -$63,400 41%
  • Unicoi – $36,600 – 61%
  • Washington Co – $86,800 – 27%

The Carter County REO median price and discount are especially noteworthy because that was the hot resale market in Northeast Tennessee last year.  Existing year-to-year sales were up 23% in Carter while the average sales price was 10.6%. It was the only Northeast Tennessee market with double-digit gains for both sales and the average price.

 

 

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